The Danish Financial Supervisory Authority has released its semi-annual risk assessment, finding that the main risks facing the financial system are broadly unchanged from December 2024 but that uncertainty has increased significantly, with the outlook worsened by the trade war and geopolitical developments. The risk assessment is intended to guide how supervision of financial firms will be planned and prioritised in the coming period. The assessment again highlights geopolitical tensions and the risk of disruption to critical infrastructure. Finanstilsynet reiterates that it uses a risk-based approach to supervision and allocates resources to the highest-risk areas, drawing on inspection observations, analytical results, whistleblower enquiries and input from international peers and forums. The risk picture is used to prioritise ongoing supervision and to launch supplementary initiatives focused on sector robustness and on firms meeting legal requirements, including on consumer protection and anti-money laundering.